You can now transact Bitcoin Cash offline in Argentina and Turkey

Yes, you read that right you can now transact Bitcoin Cash without being connected to the internet or downloading any application.

Bitcoin Cash isn’t very old in the market, and it was first launched in August of 2017. Bitcoin Cash is a hard folk of Bitcoin with the prime goal of reducing transaction speed and fees. Bitcoin Cash is much faster than Bitcoin in terms of transaction time as it supports about 8MBs in one block compared to Bitcoin’s 1MB per block.

As reported by Theoofy Bitcoin.com might be launching its own crypto exchange. Bitcoin Cash isn’t all roses though, as the hard fork event contradicts the “code is law” and creates a few more problems. Some people fear that the prices of miners will rise due to the increased MBs which needs to be processed. This, in turn, may result in centralizing the whole technology to a bank or government which can afford these expensive machines.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$16,182.79
-2.27%
Bitcoin Cash (BCH)
$109.92
-2.48%

CoinText; an SMS text-based payment system

Bitcoin Cash sees itself as electronic money, and the world’s 4th largest cryptocurrency got perked up earlier this week when CoinText.io launched its payment system based on SMS texts. The service currently is only supported in Argentina and Turkey, and the fact is that these countries need it the most at the moment.

Turkey and Argentina haven’t been doing so well lately. Their respective economies have been struggling to progress, the inflation in Argentina during September alone was at a record-breaking 6.5%. This means that the fiat currency will be fluctuating all year around, and so the people of Turkey and Argentina understand the need for a better alternative.

Turkey’s currency has already been devalued over 40% against the US dollar this year while Argentina’s Peso has been devalued over 60% against the US dollar. The inflation and devaluation of their currency combined means that the citizens are worse off as their income now has the power to buy fewer goods as compared to before the devaluation and inflation. That’s why they can’t afford to set up a cryptocurrency transacting service.

Vin Armani who is the CEO of CoinText said “Bitcoin is better money. Many Turks and Argentinians already understand this due to high inflation. We are excited to provide tools to help them use cryptocurrency.”

He added “Before CoinText, you had to download a software wallet or join an exchange to get your first cryptocurrency, and to onboard your friends, you had to convince them to do the same process. Now you can just text money to their phone.”

Why is CoinText good news for Bitcoin Cash?

As Armani says that with CoinText.io launched acquiring your first Bitcoin Cash or BCH is now easier than ever. If CoinText goes international and launches its service all around the globe, it will be easier to buy Bitcoin Cash, and so a bunch of investors will put their money in Bitcoin Cash. This means increased demand due to the convenience of buying by sending a text message where the supply will be stagnant. And so the price might rise.

As reported by Theoofy Bitcoin Cash wallet extension has been added to the chrome store. The operation is very simple too, and you can simply send keywords such as “RECIEVE” or “SEND the dollar amount and the phone number. For example, “SEND $15 123456789.” Then you will receive a code for the 2-factor authentication, after entering the code the funds will immediately be transferred.

The ease of operation will allow people who aren’t so educated to use the service through regular old mobile phones because a smartphone isn’t needed for sending text messages.

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.